A few weeks ago, I was watching TV, and this commercial came on.
(Thanks to FutureRetro2010 on Youtube for capturing and posting it)
In this time of economic uncertainty, an offer like this seems reassuring and ever so tempting. Western Sky Financial looks like the helping hand we have been waiting for ... and this woman is dripping with sincerity.
On top of that ... You can feel good knowing that your monthly interest payments will be directly benefitting a 100% Native American owned business. Their spokeswoman's heritage is quite unmistakable from the looks of her authentic clothes and jewelry.* ;)
*Nice job Wardrobe Dept.
The big problem that I have with their script is this:
"Yes the money's expensive ... but it's cheaper than a payday advance".
If you read their own fine print, you will see that an initial $5000.00 loan will involve 84 (7 years) monthly payments of $486.58 and an annual interest rate of 116.73%.
What does that mean, Kemosabe?
Well ... That means you borrow $5000.00 from them ... and after seven years of paying back ... you will have repaid $40,895.40** back to them.
**Tax free since they are located on Native American land.
"Yes the money's expensive ... but it's cheaper than a payday advance".
Disclaimer: I must admit that I am a freelance film producer, and I do not fully understand the payday advance system.
With that said, unless your full-time boss is forcing you to fellate him for a pay advance, I cannot see how this is a better option.
I love Native American culture.
The symbol of my own company was designed by an amazing Hopi artist.
My humble appeal is this:
Leave greed to the white man. It will rot you from within.
Firewater will look like soda pop compared to greed.
